5 key lessons learned & things to keep in mind for a higher chance of success
𝟭. 𝗖𝗿𝗲𝗮𝘁𝗲 𝗮 𝘀𝗲𝗽𝗮𝗿𝗮𝘁𝗲 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗨𝗻𝗶𝘁 (𝗦𝗕𝗨)
Create a semi-autonomous, independently managed corporate unit that focuses on product offerings and market segments. This unit is responsible for planning, developing, producing, and marketing its own goods or services. This unit manages its own strategy & bottom line. It should be operated as a completely separate business.
𝗪𝗵𝘆? - This way Product teams are not impacted by the day-to-day challenges of the services organization.
𝟮. 𝗛𝗶𝗿𝗲 𝘁𝗵𝗲 𝗿𝗶𝗴𝗵𝘁 𝘁𝗲𝗮𝗺
While it’s incredibly important that the team is skilled, it’s even more important that these individuals are the right values fit for your business. If a problem arises, teamwork solves it far quicker than one person alone could. By having the right team members working alongside us, we are able to elevate each other, and our business, further through collaborative work and coaching.
𝗪𝗵𝘆? - People make products.
𝗡𝗼𝘁𝗲: It’s also equally important to ensure you don’t have the wrong people on your team. These people can have a negative impact on the wider team, often sapping the energy and undoing all of your hard work to create your desired culture.
𝟯. 𝗦𝗵𝗶𝗳𝘁𝗶𝗻𝗴 𝘁𝗼 𝗮 𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗠𝗶𝗻𝗱𝘀𝗲𝘁:
A product mindset is value-driven, not completion driven. It’s anchored in care and empathy for the customer. We should recognize that Projects end whereas products don’t.
𝗪𝗵𝘆? - Creating an impact on the overall business is important rather than focusing on satisfying weekly goals.
𝟰. 𝗢𝗻𝗹𝘆 𝘁𝗵𝗲 𝘃𝗲𝗿𝘆 𝗯𝗲𝘀𝘁 𝘀𝘂𝗿𝘃𝗶𝘃𝗲 (𝘁𝗵𝗮𝘁 𝘀𝗵𝗼𝘂𝗹𝗱 𝗯𝗲 𝘁𝗵𝗲 𝗼𝗻𝗹𝘆 𝘄𝗮𝘆 𝘁𝗼 𝗴𝗲𝘁 𝗶𝗻)
Have a rigorous hiring process. It should not be easy to crack. For those who do, value them well. You may end up paying more on compensation but it’s worth it.
𝗪𝗵𝘆? - People make products, good people make good products. Move from a survival mindset to a growth mindset.
𝟱. 𝗬𝗼𝘂 𝗰𝗮𝗻’𝘁 𝗱𝗼 𝗯𝗼𝘁𝗵 𝗮𝘁 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝘁𝗶𝗺𝗲 (𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀 & 𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝘀)
The reality is, services businesses and product businesses have WILDLY different KPIs. From Business Model, Cash flow Requirements, Reporting…etc everything is different.
𝗪𝗵𝘆? - Mixing the two is not easy and should not be done.
It is anyway hard to build Products. Only 1 in 10 survive, 𝗱𝗼 𝘆𝗼𝘂 𝗿𝗲𝗮𝗹𝗹𝘆 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗺𝗮𝗸𝗲 𝘁𝗵𝗶𝘀 𝗮𝗻𝘆 𝗵𝗮𝗿𝗱𝗲𝗿?